Owens-Illinois Says 88 Percent Of Notes Tendered

PERRYSBURG, Ohio (AP) — Owens-Illinois Inc. said Thursday that 88 percent of the principal amount of senior notes due next year were tendered by an early deadline.

Owens-Illinois, which makes glass bottles for beer, wine and soft drinks, said holders of $220.2 million in principal of the $250 million 7.5-percent notes met the company's early tender date of late Wednesday.

Holders who tendered by late Wednesday will get $1,040 in cash for each $1,000 in principal value of the notes, the company said. Holders of notes tendered after the early tender date and before the June 10 expiration of the tender offer will get $1,030 per $1,000 in value instead.

Unpaid interest will be paid in cash on all tendered and accepted notes, Owens-Illinois said.

J.P. Morgan Securities Inc., Banc of America Securities LLC and Deutsche Bank Securities Inc. advised Perrysburg-based Owens-Illinois.